What’s going on? Oh, here are some LB Herald articles that you might want to read:
Article #1: Al D’Amato – The $100 million giveaway:
“By far, the greatest scam I’ve ever seen involves a long-controversial 6-acre vacant plot of beachfront property in Long Beach known as the Superblock.”
WOW! Big words from the former Senator who has seen a lot when it comes to politics and development. Al calls the whole situation a bait and switch.
“If iStar gets its way, for the first 15 years it will pay taxes as if the property is vacant — $523,183 the first year, with an increase of less than 2 percent a year afterward. Imagine that. Wouldn’t you like to have your home taxed as if it were on a vacant lot, and have your property taxes increase by just 1.66 percent annually? “
Article #2: iStar defends Superblock tax break
“According to a copy of the application for a payment in lieu of taxes, or PILOT, program, obtained by the Herald, the estimated property tax exemption totals $122.6 million, with additional sales and mortgage tax exemptions of $6 million and $1.5 million, respectively.
“Karl Frey, iStar’s executive vice president, said that if the PILOT is denied, iStar will not be able to move forward with the project. “Anyone with authority to approve a major project, and certainly any elected official, would know that not a single significant project on Long Island gets built without a PILOT,” he said. “Without a PILOT you can’t build the project. The idea that the city is giving something away — you can’t give away something you’ve never got. The city, county and school stand to gain $25 million over the term of the PILOT.”